WASHINGTON—The White House offered a tax and spending plan Tuesday that was largely absent of lofty new policy goals, acknowledging the limited ambition of both political parties to renew a fight over the budget with midterm elections looming.

President Barack Obama's $3.9 trillion budget for the year beginning Oct. 1 focused on targeted measures, many of which have been previously proposed, including tax increases on upper-income Americans and companies such as oil and gas concerns. It also called for spending increases...